DUBAI: Dubai’s Tamweel said yesterday the detention of its deputy chief executive for questioning by Dubai police would not affect its operations and financial performance. The detention of Abdulla Nasser Abdulla follows an investigation into the former chief executive and head of investments at the Dubai mortgage lender. “The company’s activities continue to progress as planned, and in line with market performance,” Tamweel said in a statement on the bourse website.
DIC buys stake in UAE foundry
DUBAI: Dubai International Capital (DIC), the international investment arm of Dubai Holding, said yesterday it had bought a 45 percent stake in a UAE-based maker of steel castings. It said in a statement that the acquisition of a stake in KEF Holding was aimed at supporting its expansion into markets including Saudi Arabia and India. DIC did not give the value of the deal.
ICD launches $6 billion loan
LONDON: A $6 billion syndicated loan for state-owned Investment Corporation of Dubai has been launched to a wider syndication, banking sources said on Tuesday. The loan is the latest in a series of large sovereign-backed financings to emerge from the emirate, they added. A bank meeting will be held on Sept. 10 in Dubai and is expected to be well-attended despite international banks’ rising exposure to Dubai’s government-owned entities, known collectively as Dubai Inc., after a busy year in the loan market. The loan is split between a $3.75 billion conventional financing and a $2.25 billion Islamic financing.
British trade deficit narrows
LONDON: Britain’s trade-in-goods deficit with the rest of the world narrowed to 7.7 billion pounds (9.6 billion euros, $13.6 billion) in July from June, official data showed yesterday. July’s figure compared with a revised deficit of 8.0 billion pounds in June, the Office for National Statistics (ONS) said.
